Articles & Videos

Community Bank Vendor Risk: Don’t Roll the Dice


While what happens in Vegas may sometimes stay in Vegas, when a community bank experiences customer data breaches that typically makes the news. So what steps should a financial institution take to ensure it meets the requirements of the Gramm-Leach-Bliley Act (GLBA)? From loan reviews to service organization controls (SOC) reports, community banks often choose [...]

Tax Planning Reasons to Potentially Run Toward Establishing a Private Foundation

May 26th, 2017|JUNE 2017, NOT-FOR-PROFITS|

Have you ever started training for a race (maybe a 5K, 10K or half marathon) but not yet known exactly which date and location it would be? A private foundation offers some potentially similar benefits in many ways. Basically, a private foundation is an excellent vehicle for a family to get an immediate tax deduction [...]

6 Considerations Before Diving Into Starting a Charitable Organization

May 26th, 2017|JUNE 2017, NOT-FOR-PROFITS|

Forming a not-for-profit organization is typically a wonderful idea based on a worthy charitable purpose, but it’s also subject to a litany of administrative work and documentation requirements. In order to ease that burden, consider these six items before taking the plunge. Draft a mission statement. This critical first step determines the organization’s purpose. Know [...]

Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations

May 24th, 2017|JUNE 2017, REVENUE RECOGNITION|

In the first article of our five-part series about revenue recognition, we gave an overview of the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as the “standard”) and addressed the collectability issues that may arise from step one of the standard: identifying contracts. In this article, we highlight the [...]

4 Debt Management Magic Tricks for Financial Success


Debt is a reality for many Americans. Consider the following statistics from consumer information provider ValuePenguin: The average amount of credit card debt in America is $5,700. More than one-third of all American households have credit card debt. The total outstanding U.S. consumer debt is $3.4 trillion. Many individuals find themselves underestimating or ignoring their [...]

Sail Smoothly Through Those Saving or Shredding Decisions

May 5th, 2017|BUSINESS TAX, INDIVIDUAL TAX, May 2017|

With that sigh of relief that the April 18 deadline to file your tax return—or request an extension—may also come the desire to purge some prior year documents such as receipts, canceled checks, and bank and brokerage statements. Follow these general retention tips for individuals and businesses as you head toward the blue skies of [...]

The Opportunities of Effective Risk Management


Looking at risk through a more objective lens can help organizations identify and address risks before they become threats. In other words, it may be more advantageous to view risk as an opportunity rather than a problem. Risk Management Basics Effective risk management is a core concern for companies of all sizes – as well [...]

Protecting the Coat of Arms: Keeping the “Business” in “Family Business”

May 1st, 2017|BUSINESS CONSULTING, May 2017|

Managing the “family” part of a family business can be complicated — especially as the guild grows. Multiple generations mean added challenges, from ambitious siblings jousting for a position to the older generation crusading against health and succession issues. Mix in marriage, divorce, children, and more children, and suddenly the family business is much different [...]

It May Be Time to Swim in a New Direction with Research Tax Credits


The PATH Act, signed into law in late 2015, extended many business and individual tax provisions. A few of the changes, which can first be applied in 2016, are extremely beneficial for companies incurring research and development expenditures. Some of the qualifying business activities that may indicate a research tax credit possibility are: concept developing; [...]

Leasing or Buying: Which Provides Better Fertile Soil for Your Business?

April 19th, 2017|LEASE ACCOUNTING|

Plants require fuel for growth, and a business is no different. Companies grow by synthesizing assets — people, equipment, and property — to deliver goods and services. It is typically easy to tell by looking at a plant if it is getting the right nutrition. An important gauge of a business’ health is the balance [...]

Give Your Small Business a Jolt of Efficiency with Cloud-Based Accounting


Many people need a dose of caffeine – usually in the form of coffee – to be more energized and productive in the morning. Similarly, small businesses have tools at their disposal to help them be more productive. When it comes to small business efficiency, cloud-based applications have fostered tremendous improvements in processes that are [...]

Should Your Business Include a “You” and “I”?


One of the toughest decisions facing a start-up or early-stage business is whether to go it alone or take on a partner (or partners). For someone who has spent years planning, preparing and longing for the day when he or she gets to be the boss, the idea of sharing that responsibility with others can [...]

Orlando’s Borcheck & Gase Joins Top 25 CPA and Advisory Firm Carr, Riggs & Ingram (CRI)

April 6th, 2017|NEWS, PRESS RELEASES|

ORLANDO, FL – Local CPA firm Borcheck & Gase has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). All personnel will operate under the CRI name and join a team of more than 1,600 professionals across the Southern United States. Borcheck & Gase has been serving individuals and businesses in [...]

Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue


Our five-part series on revenue recognition has covered the first four steps in the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts, determining performance obligations, determining transaction price, and allocating transaction price. We’ve arrived at the fifth and final step: recognizing revenue. Step 5 of [...]

Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price


So far in our five-part revenue recognition series, we have covered the first three steps in the Financial Accounting Standards Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts, determining performance obligations, and determining transaction price. In this part of the journey, we discuss the fourth step of recognizing [...]

Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price


So far in our five-part series on revenue recognition, we have covered the first two steps in the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts and determining performance obligations. In this article, we discuss the third step of recognizing revenue: determining transaction price. [...]

Solving the Revenue Recognition Maze: Step 1, Identifying Contracts

March 27th, 2017|APRIL 2017, REVENUE RECOGNITION|

Finding a direct route to implementing the new revenue recognition standard is difficult – but not impossible. In this first article of our five-part series, we’ll begin you down the path toward successful implementation. Step 1 of Revenue Recognition: Identify Contracts Identify Customer Contracts Identify Performance Obligations Determine Transaction Price Allocate Transaction Price [...]

Knocking Down the “Pins” of Self-Employment Tax Challenges

March 27th, 2017|APRIL 2017, INDIVIDUAL TAX|

Today’s technology strives to make self-employment easier than ever. However, those who work for themselves can face some distinctive self-employment tax challenges. Such individuals can step into the following three “lanes” to help overcome these obstacles. Lane #1: Learn Liabilities Because self-employed individuals are liable for self-employment tax, they must pay both the employee and [...]

How Companies Can Protect Their Fortresses from Executive Impersonation Fraud

March 27th, 2017|CYBERSECURITY, JUNE 2017|

Just as medieval castles were designed to safeguard territories during war, a company’s employees are generally expected to strive to protect the organization from a cybersecurity breach. Yet, thousands of team members unknowingly allow imposters to infiltrate businesses and steal millions of dollars by falling victim to executive impersonation fraud. Surveying the Executive Impersonation Fraud [...]

A Picture of the Changes to the IRS Determination Letter Program


The IRS’ determination letter program allowed sponsors of individually designed retirement plans to receive a routine determination letter, which is a periodic official regulatory compliance seal of approval that the IRS grants to benefit plans. While the recent decision to end this program has left many plan sponsors and their advocates uneasy, the IRS may [...]